When to Refinance on a Duplex

[Michael Craig]

I am currently house hacking in a live-in flip duplex. The downstairs unit is completely renovated and generating market level income. The upstairs unit, where I currently live, is being renovated. At the current renovation rate, I should have the upstairs unit completed by May 2020. 

I would like to take advantage of the low interests rates today, however, I am teetering at at the 80% LTV point with the current condition of the house. Do I:

-Refinance now out of my FHA into a conventional mortgage to take advantage of the better interest rates and risk paying mortgage insurance (which drops once I reach 80% LTV)

-Keep paying the high rates and refinance once the renovations are complete

-Utilize a third option